How Can Divorcing After the Age of 50 Affect My Financial Situation?

 Posted on April 19, 2021 in Divorce

There are very few, if any, life situations that could be called “easy” when it comes to divorce. When it comes to gray divorce, that is, divorce involving one or more people who are over the age of 50, things are never easy on any level. According to Bloomberg, one study reported that adults who divorced who were over the age of 50 reported higher levels of depression than those whose spouses had died. However, the financial impact of a gray divorce seems to be even more significant, perhaps even more significant than previously thought. Research also shows that adults over the age of 50 can also expect to lose at least 50 percent of their wealth when they divorce. The years of your life during a gray divorce can be rather fragile when it comes to finances, so working with a divorce attorney is highly recommended.

Wealth and Income Can Be Affected Greatly

When you get a divorce, you and your spouse must divide all of your assets and debts. It only makes sense to assume that your standard of living is going to decrease somewhat. Previous studies have shown that younger adult men typically see a negligible effect on their standard of living, while younger adult women typically see around a 20 percent drop in their standard of living. Adults over the age of 50, however, see much more significant decreases. Older women usually see a decrease of 45 percent in their standard of living, while older men see a decrease of around 21 percent.

Women Face Greater Financial Risk

While all older adults face financial risk when they get a divorce, studies show that women, in particular, can suffer. Women who are aged 63 and older who have gone through a gray divorce face a poverty rate of around 27 percent. This is in comparison to men who have gone through a gray divorce, who have a poverty rate around 11 percent and couples who are married or remarried after divorce who have a poverty rate around three percent.

A DuPage County Gray Divorce Attorney Can Help You Protect Your Finances

If you and your spouse are over the age of 50 and are thinking about getting a divorce, you should speak with a Naperville, IL gray divorce lawyer who is knowledgeable about issues that may arise during a gray divorce. At the Goostree Law Group, our team of attorneys has more than 80 years of combined family law experience and can use that knowledge to your advantage during your divorce. To begin discussing your case, call our office today at 630-634-5050 to schedule a free consultation.

Sources:

https://www.aarp.org/money/investing/info-2020/financial-impact-of-divorce.html

https://www.bloomberg.com/news/articles/2019-07-19/divorce-destroys-finances-of-americans-over-50-studies-show